S&P: Essential power loans BB

Standard & Poor's said it assigned a preliminary BB rating and preliminary 2 recovery rating to Essential Power LLC's $565 million senior secured term loan and $100 million senior secured first-lien revolving credit and letter of credit facility.

The preliminary 2 recovery rating indicates 70% to 90% expected recovery in a default.

The ratings are preliminary pending final structure and documents review.

The outlook is stable.

The outlook reflects expectations that the project's relatively stable revenue streams will allow for de-leveraging over the loan tenor, S&P said.

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